Paul Mancuso pulled investors into phony deals involving a Bahamas pizzeria, an Atlantic City casino and more
GLEN ROCK-- A borough man was sentenced Wednesday for his involvement in a multitude of scams in which he manufactured fictitious investment opportunities and lied about his involvement with other, legitimate business deals, U.S. Attorney for New Jersey Paul Fishman said in a statement Wednesday.
Paul Mancuso, 50, was indicted two years ago alongside a disbarred attorney, Pasquale Stiso, 55, of West Harrison, N.Y., on conspiracy and wire-fraud charges.
Authorities say that beginning in 2009, Mancuso posed as a real estate investor, developer and lender, with Stiso as his partner. Mancuso admitted he and Stiso, along with other conspirators, promoted opportunities including the development of an Atlantic City casino, a Matawan real-estate flip, a pizzeria in the Bahamas and the development of a commercial shopping center.
Authorities say a total of 15 victims lost $3 million in the scams, money Mancuso and Stiso used for personal expenses and to finance their illegal gambling.
Mancuso was sentenced Wednesday to 51 months in prison and was ordered to pay $3.2 million in restitution. Stiso, who was previously found guilty following a trial, was sentenced in June to 43 months in prison.